%100 buy to let mortgage ?

[Maz]

Hi all ,
I wonder if still there’s %100 buy to let mortgage available or even with %5 deposit ? ( not the help to buy though )

I thought even if the rate be at %5 ( 4.5 above base ) still on high yield property ( I know area and the value ) you’ll be able to have a decent return ... !??
any thoughts anyone ?
Is there any good ideas to invest on buy to let with no deposit or very little?
Regards

 

[billmccallum1957]

No.

 

[JEREMY HAWKE]

They wont take the risk

Who knows ? there might be a property crash
If there is , then who knows will it fall 10% 30% 50% or even 90% !
If they lend you 100% and it crashes will they get all their money back ? Who knows ?
Leaving the EU might mean our economy is wrecked and you wont get a tenant . How will you service the loan . ? Who knows ?

I don't know

 

[tony84]

Highest you would get will be 85% and that would be at 5% up to around 5.5% depending on the fees and the product.

 

[Mark T Jones]

Don’t forget your purchase costs could easilly equate to 3% or more of purchase price

BTL isn’t as easy as many people think it is. You need to do budgets on some ‘worst case’ scenarios to be sure it adds up

I rent out a flat in a very popular area. Admittedly it’s on a repayment mortgage. With good, long term tenants I just about break even on cashflow. A couple of years ago I had bad tenants and had to dip into my pocket for £8,000. That’s money I have no chance of recovering

At least with equity I can offload if it becomes a problem

 

[Mr D]

A BTL landlord I know with 4 properties had one tenant not pay the shortfall in housing benefit when she lost her job, the time to kick her out then money to bring property back up to scratch wiped out all profit from the 4 houses for the year.

As a method of investment BTL can work well, as a method of making an ongoing income the costs can exceed the income considerably.

 

[JEREMY HAWKE]

A BTL landlord I know with 4 properties had one tenant not pay the shortfall in housing benefit when she lost her job, the time to kick her out then money to bring property back up to scratch wiped out all profit from the 4 houses for the year.

As a method of investment BTL can work well, as a method of making an ongoing income the costs can exceed the income considerably.

That's business Mr D

There is the problem too many private individuals not knowing what they are doing

 

[wesdav]

You can effectively borrow 100%of the BTL property value by utilising other property assets to raise the deposit. e.g. a second charge on your main residence to fund a 20% or 25% deposit on the BTL. You need 25% deposit to get a decent range of lenders and therefore a decent rate of interest.